Quote:
Originally Posted by kpd3062
We had been planning to buy our home in TV after retiring. Someone recently told me recently that if I wait until after retirement my credit score and hence interest rate on my mortgage will be affected negatively, Even though I will have a pension coming in and money in the bank. I assume if this is correct some of y’all may have experience or knowledge of this. Thanks
Oh yeah, Merry Christmas to all!!
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As to your qualifying for a mortgage after you retire. First of all thanks to government regulation, some truly insane things are true. For example age discrimination is not allowed. A 90 year old can apply and get a 30 year mortgage.
As to your credit score, a bank can tell you. It is strange that people who do not owe any money will have a lower credit score then people who borrow and pay on time. To get a mortgage you cannot negotiate. They want to see xxxx coming in.
Government insanity? Our bank told us to get a letter from our brokerage declaring that we wish to get a check for several thousand sent to us every month. I was told by the brokerage that they get this often. They even sent me a form letter.
By the way, I was also told I could cancel the request as soon as my mortgage is approved. It is just a phone call to do this.
Some people are rushed with the prices are going up. Think, realize the same thing is true on the home you currently own.